One of the underwriting firms in the country, SUNU Assurances Nigeria Plc, has been applauded for giving cash reward to shareholders for the 2024 financial year.
This commendation was given at the company’s 38th Annual General Meeting (AGM) on Friday, June 13, 2025, in Lagos, attended by shareholders and others,
They reviewed the organisation’s performance and made key decisions impacting future the future of the firm, including the approval of the dividend of 10 Kobo per share for the fiscal year ended December 31, 2024.
Shareholders received and considered the Consolidated Audited Financial Statements of the company and its subsidiaries for the same period, along with reports from the directors, audit committee, external auditors and regulators.
Speaking at the event, a shareholder of SUNU Assurance, Mr William Adebayo, said, “I’m glad to see a dividend of 10k per share, a truly great return on investment,” praising the management team for the hard work and strategic decisions that have brought success for the organisation.
Addressing shareholders at the AGM, the chairman of SUNU Assurances, Mr Kyari Abba Bukar, said the company recorded an impressive revenue growth, driven by several key factors such as higher business renewals, contributing to portfolio stability and expansion.
He said other factors were increase in motor insurance premium rates, boosting revenue from this segment, growth in the number of insured vehicles, expanding customer base and favourable foreign exchange movements, positively impacting underwriting results.
On his part, the chief executive of the company, Mr Samuel Ogbodu, said, “We are delighted to have successfully concluded our 38th Annual General Meeting.
“The approval of the dividend for the 2024 financial year reflects our commitment to delivering value to our shareholders and underscores our robust financial performance.
“This meeting was a vital platform for engaging with our esteemed shareholders, reinforcing our dedication to transparency and strong corporate governance. We look forward to building on these achievements and driving sustainable growth in the coming year.”
At the gathering, shareholders approved the re-election of Mrs Olajumoke Bakare and Hajiya Aisha Abubakar, who retired by rotation and were eligible for re-election.
The board was authorized to fix the remuneration of the external auditors, and the remuneration of the company’s managers.
Shareholders also elected their representatives to the audit committee, who will hold office until the date of the next Annual General Meeting.
Business Post reports that last year, SUNU Assurances demonstrated strong performance by paying N3.28 billion in claims, higher than the N2.08 billion paid in 2023 by 57.8 per cent, highlighting its commitment to policyholders and underscoring its dedication to meeting its obligations despite economic challenges.
The Gross Written Premium (GWP) for the year N13.03 billion compared with N8.16 billion a year earlier, surpassing the full-year budget of N10.16 billion by an impressive 128.3 per cent.
It also posted a commendable profit after tax of N3.59 billion, reflecting strategic financial management and operational efficiency.